Removal of Primary Dealer status

The status of Market Maker in Treasury Bills may be lost for any of the following reasons:



- Due to a renouncement notified by the company itself to the Secretariat.


- Due to a decision of the General Secretariat of the Treasury and Financial Policy when it considers that the company has not maintained a commitment to the Spanish market in Public Debt that is considered sufficient.


- Due to a decision of the General Secretariat of the Treasury and Financial Policy when a company does not comply with the deductions at source scheme which is applicable to them according to the regulations in force.


- Due to a decision by the General Secretariat of the Treasury and Financial Policy that a company has carried out actions that could negatively affect the functioning of the market or Government Debt or when its behaviour is considered to be inappropriate for a Market Maker, to be contrary to the interests of the Treasury or to the smooth functioning of the Debt market.


- When the General Secretariat of the Treasury decides to rotate its Market Makers group for the purpose of providing access to the group to new companies, whether increasing the group’s number or not.